Author Topic: Medical insurance by company  (Read 9373 times)

Offline earwax

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Medical insurance by company
« on: May 24, 2007, 06:03:39 PM »
My medical insurance is sponsored by my company. I pay them a highly-discounted fee for this at the start of the year.

If I get retrenched, will I lose my medical coverage immediately? Is it good to get a second medical insurance plan?
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Offline jeybon

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Re: Medical insurance by company
« Reply #1 on: May 25, 2007, 12:01:01 AM »
If you are protected under the group coverage, your protection expired the last day you work in the company.  It is always advisable to get another one just in case you would be unemployed when things unexpectably happened. 

Furthermore, you have to wait for 6 months for the coverage of hospitalisation insurance plan to be enforced.

What do you think Venven?
Regards,
Jeybon

Offline venven81

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Re: Medical insurance by company
« Reply #2 on: May 25, 2007, 05:05:36 PM »
when your company provides you with medical cover, take it as bonus. i believe i have shared my view on this in one of the threads but for the benefits of newcomers, no harm i'll just reshare my view here  :)
first, do you have any idea how long you will stay in your company OR when will you be striked with a critical illness during your employment with your present company?
let just say Mr P only has medical cover provided by his company and doesn't have any other cover, one day he is diagnosed with a critical illness. sure enough the treatment will be covered by company medical insurance (only to a certain extent since MOST company medical benefits will cover up to umpteen thousands only :( ). what happen next? i believe most companies are profit-orientated organisations, Mr P will most likely be terminated due to his incapability to perform any longer after suffering from CI. if you have any friends or relatives who suffered from dread desease, you know how mentally and physically pain they have to go through.
so after termination, he no longer will be covered under the so-called company medical cover so who is going to bear the post hospitalisation treatment? it's not a small figure given the escalating medical cost that inflats 15% each year! now that Mr P has medical history, do you think he is able to obtain any medical cover from any of the insurance company? NO.
a lot of malaysians are still very ignorant about this matter and hopefully they will come to realisation how crucial it is to prepare for the unforseen as early as possible.
many years back people would think that bankers have comprehensive medical cover and that was quite true but now, it will never be the same again. one of my clients actually wanted to get extra cover after knowing how much he is being covered for (he is a VP of a division for an international banking group Cixxbank)  ;D

another point to take note of is for those who have stand alone, i.e. just medical cover only, please verify that your medical cover is 'guaranteed renewable' rather than yearly renewable. this is to ensure that even after one is suffering from critical illness, he will still be covered until the total sum exhausts. unlike the non-guaranteed one, one is exposed to the risk that the insurance company will cease to renew your cover or to include certain exclusions after diagnosis of a critical illness. if this happens, what is the point in getting the medical cover in the first place ???    sooner or later someone is going to pay for it. question is, do you want to take care of the small sum now or the BIGGER sum later? take charge of your lives guys while you're still able to do so!
« Last Edit: May 25, 2007, 05:22:53 PM by venven81 »
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Offline vistar

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Re: Medical insurance by company
« Reply #3 on: August 15, 2011, 11:03:38 AM »
cant the member seek the insurer for direct arrangement.

say instead of insuring the member under group, they break away as stand alone policy.

same terms and condition but slightly higher in terms of premium. ?

Offline Panama_09

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Re: Medical insurance by company
« Reply #4 on: March 18, 2012, 02:43:52 PM »
NO CO-INSURANCE WITH PRUDENTIAL LATEST MEDICAL CARD - PRUFLEXI MED

OVERVIEW OF PRU FLEXI MED

1. What is PRUflexi med? (updated 20/02/2012)
PRUflexi med is a comprehensive medical plan that allows customers to customize the benefits to their individual needs and budget. It is a regular premium investment-linked medical rider that reimburses medical expenses incurred in the event of hospitalization that comes with the following features:

• 112 combinations to choose from – PRUflexi med gives you the flexibility to choose your preferred level of coverage. Pick from 7 Hospital Daily Room & Board Allowance and 16 Annual Limits options, then create a plan to suit your needs and budget!

• Hospital Daily Room & Board Allowance – If you are staying in a room & board that is lower than your chosen Hospital Daily Room & Board Allowance, we will pay you the difference in cash as an allowance. What’s more, this benefit will not reduce your Annual Limit!

• No more BILL SHOCK! – You can choose the ZERO deductible option and need not share out on eligible cost when you are hospitalized! You can also opt for a PRUflexi med plan with a minimal fixed deductible of RM300 for lower premium.

• High Lifetime Limit at 20 x Annual Limit – PRUflexi med lets you claim up to 20 times your Annual Limit per lifetime.

2. What are the basic plans that can attach PRUflexi med? (updated 20/02/2012)
PRUflexi med is attachable as a new medical plan or second medical plan on PRUlink one and
PRUlife ready.
Attachment to previous versions of investment link plans (4PAA, 5PAP, 6PAP, 7PAP) will be available at a later date, which is to be advised. The rider is currently not available in juvenile plans, traditional policies, ULP and bancassurance policies until further notice.

3. How do we select PRUflexi med benefits? (updated 20/02/2012)
Customizing PRUflexi med to your customer’s need is as easy as 1, 2, 3 & 4!

Step 1: Decide on your Hospital Daily Room & Board Allowance amount.
Choose the amount of Hospital Daily Room & Board Allowance to cover for your accommodation in a hospital.

Step 2: Decide on your Annual Limit amount.
Set the amount of Annual Limit which you will be covered for every year. This is the maximum amount of total costs of eligible benefits (excluding the cost of daily room &
board) that will be paid by Prudential every year for your hospitalisation and surgery bills.

Step 3: Decide on your Deductible amount.
Choose the amount of deductible that suits your preference – zero or RM300 deductible.

Step 4: Decide on your benefit term.
Choose the age to which you would like to be covered until from a choice of 70, 80, 90 or 100 years old.

Interested? Kindly email me at panama_09@yahoo.com

Offline Panama_09

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Re: Medical insurance by company
« Reply #5 on: March 18, 2012, 02:44:58 PM »
My medical insurance is sponsored by my company. I pay them a highly-discounted fee for this at the start of the year.

If I get retrenched, will I lose my medical coverage immediately? Is it good to get a second medical insurance plan?

NO CO-INSURANCE WITH PRUDENTIAL LATEST MEDICAL CARD - PRUFLEXI MED

OVERVIEW OF PRU FLEXI MED

1. What is PRUflexi med? (updated 20/02/2012)
PRUflexi med is a comprehensive medical plan that allows customers to customize the benefits to their individual needs and budget. It is a regular premium investment-linked medical rider that reimburses medical expenses incurred in the event of hospitalization that comes with the following features:

• 112 combinations to choose from – PRUflexi med gives you the flexibility to choose your preferred level of coverage. Pick from 7 Hospital Daily Room & Board Allowance and 16 Annual Limits options, then create a plan to suit your needs and budget!

• Hospital Daily Room & Board Allowance – If you are staying in a room & board that is lower than your chosen Hospital Daily Room & Board Allowance, we will pay you the difference in cash as an allowance. What’s more, this benefit will not reduce your Annual Limit!

• No more BILL SHOCK! – You can choose the ZERO deductible option and need not share out on eligible cost when you are hospitalized! You can also opt for a PRUflexi med plan with a minimal fixed deductible of RM300 for lower premium.

• High Lifetime Limit at 20 x Annual Limit – PRUflexi med lets you claim up to 20 times your Annual Limit per lifetime.

2. What are the basic plans that can attach PRUflexi med? (updated 20/02/2012)
PRUflexi med is attachable as a new medical plan or second medical plan on PRUlink one and
PRUlife ready.
Attachment to previous versions of investment link plans (4PAA, 5PAP, 6PAP, 7PAP) will be available at a later date, which is to be advised. The rider is currently not available in juvenile plans, traditional policies, ULP and bancassurance policies until further notice.

3. How do we select PRUflexi med benefits? (updated 20/02/2012)
Customizing PRUflexi med to your customer’s need is as easy as 1, 2, 3 & 4!

Step 1: Decide on your Hospital Daily Room & Board Allowance amount.
Choose the amount of Hospital Daily Room & Board Allowance to cover for your accommodation in a hospital.

Step 2: Decide on your Annual Limit amount.
Set the amount of Annual Limit which you will be covered for every year. This is the maximum amount of total costs of eligible benefits (excluding the cost of daily room &
board) that will be paid by Prudential every year for your hospitalisation and surgery bills.

Step 3: Decide on your Deductible amount.
Choose the amount of deductible that suits your preference – zero or RM300 deductible.

Step 4: Decide on your benefit term.
Choose the age to which you would like to be covered until from a choice of 70, 80, 90 or 100 years old.

Interested? Kindly email me at panama_09@yahoo.com

Offline roystevenung

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Re: Medical insurance by company
« Reply #6 on: December 06, 2012, 01:06:36 PM »
cant the member seek the insurer for direct arrangement.

say instead of insuring the member under group, they break away as stand alone policy.

same terms and condition but slightly higher in terms of premium. ?

Most companies have the tendency to change insurance company and when that happens the earlier contract will not be continued. If a person is still healthy, it poses no issue to have it under another insurance company, but when one is seriously ill, no insurer will want to renew this contract.

For example if a person is having stroke or cancer (or any of the critical illnesses).

This is why it is important to have our own even though the company provides cover.
Roy Steven Ung
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